According to Black Knight Financial Services Home Price Index (HPI), home price gains set another new record in June 2017, rising 0.9% from Many and 6.2% year-over-year. Moving into July, CoreLogic recently reported that home prices measured by HPI were up 6.7% on an annual basis and increased 0.9% from June.
US home prices saw a 1.7% increase in Q2 2017, rising 6.6% from the previous year, according to FHFA’s House Price Index. New home sales are climbing, but low inventory has driven prices up for six years.
The local real estate market has been rocking the past couple of years, and 2017 was no exception. Manhattan Beach continues to lead the charge and closed the year with a new record average sales price of $3,080,193.
According to a recently released report by CoreLogic, a third of home sales in March were all-cash transactions, which was a sharp decrease of 2.8% from February.
ON THE COVER is 3223 The Strand in Hermosa Beach offered by Kristen Novoa of Vista Sotheby’s International Realty. In this edition of South Bay DIGS Magazine discover Los Angeles luxury homes and celebrity homes for sale and top agents that represent them.
What’s happening in the local housing market? Manhattan Beach continues to lead the South Bay with a 53.95%% median sales price increase since 2011, but South Redondo Beach also stands out with a 52.77% increase.
Compared to median sales price increases over the last four years in the Beach Cities of Manhattan & Hermosa Beach, Palos Verdes is a relative bargain. While sales prices in Palos Verdes Estates have increased a generous 19.57% since 2011, both Manhattan & Hermosa Beach median sale prices have increased over 44% in the same period.